8.2 C
New York
Friday, November 26, 2021
HomeCryptoCurrencyAuction house founded in 1744 launches its own NFT market

Auction house founded in 1744 launches its own NFT market

The options to display and acquire non-fungible tokens (NFT) continue to expand. Auction giant Sotheby’s announced the launch of its own dedicated marketplace for rare digital collectibles.

The new platform they have called ‘Sotheby’s Metaverse ”(or“ The Sotheby’s Metaverse ”), is based on the Ethereum blockchain. The first collection of NFT pieces to be auctioned has the name “Natively Digital 1.2: The Collectors”, the company reported on its Twitter account.

The auction house founded in 1744, indicated that The collection, in addition to promoting each of the digital artists, also highlights “the people who have defended digital artists and contributed to the digital art space.”

These defenders are NFT celebrities and collectors who have stories and deep relationships with the digital art world. That is why characters such as Paris Hilton or the DJ and music producer Steve Aoki, will auction part of their collections.

There will also be recognized NFTs projects like Rare Pepe , Bored Ape Yacht Club and CryptoKitties. Fans and admirers of the NFT will be able to bid for a total of 53 works from 19 renowned collectors , from October 18 to 26.

For his part, Steve Aoki, dj and music producer indicated that he sees creators really working with developers to “push the boundaries of how the art and technology intersect from a smart contract perspective. I can’t wait to see where developments like that take us, ”said Steve Aoki, dj and music producer.

Celebrity Paris Hilton assured that the artists she selected to participate in the auction “best represent personal exploration, triumph and empowerment. These pieces are powerful and true. ”

Payments with bitcoin and cryptocurrencies, only from exchanges

In the new marketplace Payments will be accepted only in bitcoin (BTC), ether (ETH), the stablecoin USD Coin (USDC) and US dollars. Only exchanges Coinbase, Fidelity, Gemini and Paxos will be allowed.

They clarify that payments from self-custody purses are not allowed. It can be interpreted that Sotheby’s does not want to receive money whose origin is outside the regulators’ magnifying glass.

Another condition to participate in the auction is that the account in the exchange must be in the name buyer and the buyer must provide “all the information and documentation” requested by the company. The objective is to verify that the identity of the buyer matches the one registered and thus confirm that the payment was made from one of the aforementioned exchanges.

In relation to the rights of author of the images and videos of the NFT , the company makes it clear: “the purchase of any NFT in this sale does not constitute or include an assignment of any copyright in the NFT or the content of reference. ”

That means that those who buy the tokens do not have a permission to use the images or videos in the way they have . Copyright remains with the creators of the works or to whom they have assigned them.

The beginning of Sotheby’s with the NFTs

The story with the NFTs for the auction house, began in April of this year, when put up a piece of digital art from the artist known as Pak.

The collection called The Fungible was made up of editions of tokens that were priced at USD 500 , a fact reported by CriptoNoticas.

From there, Sotheby’s discovered everything that the NFTs had to offer and carried out new auctions of digital works of art. These include a piece by the American rapper Jay-Z and the original source code of the World Wide Web.

In this way, the list of competitors in the world of NFTs continues to get longer , which shows the great importance it has for large companies. A few days ago, the US cryptocurrency exchange Coinbase also announced its intention to launch a platform for collectibles in late 2021.

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read